Solid State Battery Market

Solid State Battery Market Overview

A solid state battery is a type of battery that uses both solid electrodes and electrolytes. Various solid-state electrolytes, including oxides, sulfides, phosphates, polyethers, polyesters, nitrile-based, polysiloxane, polyurethane, and others are used in solid state batteries. Solid state batteries have low flammability, higher electrochemical stability, higher potential cathodes, and more energy density as compared to liquid electrolyte batteries. They can handle more discharge cycles before degradation and offer durability, high performance, and safety at a lower cost. They are used across multiple industries, including automotive, healthcare, energy, consumer electronics, industrial, and aerospace.

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Major Solid State Battery Market Drivers

The growing adoption of consumer electronics and wearable gadgets, rising adoption of electric vehicles, and increasing utility of battery energy storage systems are some of the major key factors driving the growth of the solid state battery market. Additionally, solid state batteries offer higher energy density, low flammability, and higher electrochemical stability as compared to the conventional batteries due to which they are highly used in electric vehicles. These factors are expected to escalate the growth of the market.

The rapidly developing consumer electronics and sensor market and increasing trend toward the miniaturization of electronic devices, and growing demand for light batteries in wearable devices including fitness bands, smart clothing, and smartwatches are further propelling the demand for solid state batteries. Furthermore, growing adoption of smartphones, along with the increasing demand of small sized batteries with high performance and durability are further expected to stimulate the growth and development of the solid state battery market over the forecast period. However, the high cost of solid state batteries and complicated manufacturing process of solid state batteries are certain factors that are expected to hinder the growth of the market during the forecast period.

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Based on the component, the market is segmented into cathode, anode, solid electrolyte, and others. The solid electrolyte segment is expected to grow at a higher CAGR over the forecast period primarily due to the increasing usage of solid electrolyte in batteries as it offers numerous advantages such as higher level of safety, longer lifespan, and more resistance to changes in temperature. In addition, solid electrolyte has superior thermal stability, lower flammability, and battery design simplicity as compared to the conventional organic liquid electrolytes. These factors are expected to propel the growth of the market during the forecast period.

Based on the type, the market is segmented into single-cell battery and multi-cell battery. The market for multi-cell batteries segment is expected to grow at a faster CAGR during the forecast period owing to the increasing utilization of multi-cell batteries in the electric vehicles market. Growing adoption of fuel efficient and low emission electric vehicles, along with the increasing government inclination towards the deployment of clean energy transportation is further driving the growth of the market.

Based on rechargeability, the market is segmented into primary battery and secondary battery. The secondary battery segment is anticipated to lead the market during the forecast period owing to the widespread use of rechargeable batteries in various devices including medical devices, electric vehicles, wireless sensors, and consumer electronics. Increasing use of secondary batteries in laptops, mobile phones, power tools, motor drives, along with the numerous advantage of these batteries, is further boosting the growth of the market.

Based on capacity, the market is segmented into below 20 mAh, between 20 mAh and 500 mAh, and above 500 mAh. The below 20 mAh segment is expected to witness faster CAGR during the forecast period. This is attributed to the increasing application of these batteries in packaging, wireless sensors, wearable devices, medical equipment, and other low-drain devices. Additionally, limited internal space and compact sizes of low drain devices is further driving the demand for low capacity and small sized solid state batteries, thereby, contributing to the growth of the market.

On the basis of application, the market is segmented into consumer electronics, electric vehicles, medical devices, energy harvesting, wireless sensors, packaging, and others. The medical devices segment is anticipated to grow at a higher CAGR during the forecast period. Several manufacturers are designing and offering solid state batteries to power medical devices, such as temperature sensors, pacemakers, and smart patches. Technological advancements and the penetration of IoT in the medical field have generated opportunities for new battery-powered medical devices. Implantable medical devices, such as neural stimulators, pacemakers, and defibrillators require batteries that can deliver a steady, reliable power source for a long duration. This is a major factor that is surging the demand of the segment over the coming years.

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Regional – Segment Analysis

Based on the region, Asia-Pacific region is anticipated to witness a higher CAGR over the forecast period, primarily due to the rise in per capita disposable incomes, along with the increasing demand for wearable electronic devices in the region. Additionally, rapidly growing industries, including consumer electronics, automotive, healthcare, and aviation in developing countries, including China, Japan, India, and South Korea are further propelling the demand of solid state batteries, thereby driving the growth of the market in the region.

Top Market Players

Various notable players operating in the global solid state battery market include Cymbet Corporation, Robert Bosch GmbH, Toyota Motor Corporation, BrightVolt Solid State Batteries, Excellatron Solid State, LLC, Blue Solution, Solid Power, QuantumScape Corporation, ProLogium Technology Co., Ltd., and Solvay SA, among others. 

Key Developments: 

• • In 2020, Toyota Motor Corporation and Panasonic Corporation started a joint venture toward the establishment of a new company for research, production engineering, manufacturing, procurement, order receipt, and management related to the development of automotive prismatic lithium-ion batteries, solid-state batteries, and next-generation batteries. This factor is expected to enhance the product portfolio of both companies.
  • In 2019, Ford Motor Company partnered with Solid Power, a developer of next-generation all-solid-state batteries for the development of all solid-state batteries (ASSB) for next-generation electric vehicles. The partnership is expected to enhance the product portfolio of companies in the automotive sector.
  • In 2019, NIO, one of the leading companies that design and develop smart, high-performance, electric vehicles partnered with ProLogium Technology Co., Ltd. to develop solid state batteries for electric vehicles. This strategic agreement is expected to enhance the product portfolio of both companies.

Segments covered in the Report:

The global solid state battery market has been segmented on the basis of component, type, rechargeability, capacity, application, and region. Based on the component, the market is segmented into cathode, anode, solid electrolyte, and others. Based on the type, the market is segmented into single-cell battery and multi-cell battery. Based on rechargeability, the market is segmented into primary battery and secondary battery. Based on capacity, the market is segmented into below 20 mAh, between 20 mAh and 500 mAh, and above 500 mAh. By application, the market is segmented into consumer electronics, electric vehicles, medical devices, energy harvesting, wireless sensors, packaging, and others.

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Key questions answered in this research report:

• • At what pace is global Solid State Battery market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Solid State Battery market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Solid State Battery market?
  • Which type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
  • What are the various applications of global Solid State Battery market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Component, By Type, By Rechargeability, By Capacity, By Application, and By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Cymbet Corporation, Robert Bosch GmbH, Toyota Motor Corporation, BrightVolt Solid State Batteries, Excellatron Solid State, LLC, Blue Solution, Solid Power, QuantumScape Corporation, ProLogium Technology Co., Ltd., and Solvay SA among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Solid State Battery Market by Component

• • Cathode
  • Anode
  • Solid Electrolyte
    • Polymer
    • Sulfide
    • Oxide
    • Solid
    • Glass
  • Others

Global Solid State Battery Market by Type

• • Single-Cell Battery
  • Multi-Cell Battery

Global Solid State Battery Market by Rechargeability

• • Primary Battery
  • Secondary Battery

Global Solid State Battery Market by Capacity

• • Below 20 mAh
  • Between 20 mAh And 500 mAh,
  • ABove 500 mAh

Global Solid State Battery Market by Application

• • Consumer Electronics
    • Smartphones
    • Wearables
  • Electric Vehicles
  • Medical Devices
  • Energy Harvesting
  • Wireless Sensors
  • Packaging
  • Others

Global Solid State Battery Market by Region

• • North America Solid State Battery Market (Option 1: As a part of the free 25% customization)

    • North America Market by Component
    • North America Market by Type
    • North America Market by Rechargeability
    • North America Market by Capacity
    • North America Market by Application
    • US Market All-Up
    • Canada Market All-Up

  • Europe Solid State Battery Market (Option 2: As a part of the free 25% customization)

    • Europe Market by Component
    • Europe Market by Type
    • Europe Market by Rechargeability
    • Europe Market by Capacity
    • Europe Market by Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Solid State Battery Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Market by Component
    • Asia-Pacific Market by Type
    • Asia-Pacific Market by Rechargeability
    • Asia-Pacific Market by Capacity
    • Asia-Pacific Market by Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Solid State Battery Market (Option 4: As a part of the free 25% customization)

    • RoW Market by Component
    • RoW Market by Type
    • RoW Market by Rechargeability
    • RoW Market by Capacity
    • RoW Market by Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Solid State Battery Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Cymbet Corporation
  • Robert Bosch GmbH
  • Toyota Motor Corporation
  • BrightVolt Solid State Batteries
  • Excellatron Solid State, LLC
  • Blue Solution
  • Solid Power
  • QuantumScape Corporation
  • ProLogium Technology Co., Ltd.
  • Solvay SA